Bank Statement Loans

Take advantage of Arcstone Financial's lending expertise for self-employed borrowers.

Arcstone Financial is a direct lender with a solid understanding of out-of-the-box complex loans. Take advantage of our expertise with self-employed clients. 

  • Loan amounts up to $5 million and loan-to-values up to 75%

  • U.S. Resident | Self-employed Borrower

  • Two -Year  History CPA Letter  or Business License

  • Owner-Occupied Only | SFR, Condo, Townhouse Property Types

  • Reserve funds  are not required

  • Loan programs offered include 30-year fixed and, 5/1 & 7/1 ARM

  • First time Home Buyers OK*

one

month

  • Loan amounts up to $2 million and loan-to-values up to 90%

  • U.S. Resident | Self-employed Borrower

  • Two -Year  History CPA Letter  or Business License

  • Owner-Occupied Only | SFR, Condo, Townhouse Property Types

  • Reserve funds  are not required

  • Loan programs offered include 30-year fixed and, 5/1 & 7/1 ARM

  • 2nd Home & Investments available

12

months

Critical Steps to Prepare Yourself

for a Bank Statement Loan

Save for a down payment – The minimum down payment requirement in the best scenario will be 10% and some lenders may require more. Your target should be a minimum of 20% because the more you put down, the lower your rate will be.

Emergency Fund – In addition to the down payment and cash reserves required by the lender, you should try to keep an additional 6 months’ reserves in the event of an emergency. The emergency could be a job loss, a huge unexpected repair in your home, or even a medical situation. Too many new homeowners leave themselves without an emergency fund and find themselves missing payments and facing foreclosure when they experience an unexpected event.

Credit score – Your credit score is a key component to finding a mortgage regardless as to whether you are self-employed or a salaried home buyer. Lenders use your credit score as a basis to approve your loan. Your score also is directly related to the interest rate you will receive.

Bank deposits – If you are self-employed and thinking about buying a home, you will likely need to qualify using your bank statement deposits as a source of income on your loan application. Therefore, you will need to make sure that you are depositing everything into those accounts. If you are in a cash business, start depositing that into your accounts. No more mattress stuffing. If you are unable to show sufficient deposits, then you will not qualify for your mortgage.

Early Consultation – Saving for a down payment, building your credit and accumulating months of bank statement deposits takes time. It is a good idea to speak with a loan officer at least 1-3 months in advance of meeting with a Realtor to see and purchase your first home. An Arcstone Financial loan officer will identify areas of improvement and whether you are able to qualify. He or she will provide recommendations and suggestions for you to work on over the next few months. This will help you to have more buying power and to get the best rate possible.